Yemisi Izuora
The Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, has launched of a special intervention programme, Project Guaranteed Loans for Women (GLOW), valued at N10 billion, to support female entrepreneurs across Nigeria.
The aim of the initiative is to address the persistent financial inclusion gap faced by women in the country, providing them with the necessary capital to scale their businesses and contribute to economic development.
According to Dr. Olusi, Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41% of the country’s micro-businesses.
However, access to finance remains a significant barrier for many of these women as many struggle to access the funding needed to grow their businesses.
The bank’s Managing Director further noted that BOI is committed to addressing this challenge through strategic initiatives like the GLOW Fund, which is part of the bank’s broader 2025-2027 strategy to prioritize gender-focused financial inclusion.
Established in collaboration with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), the GLOW Fund is designed to enhance access to capital for female entrepreneurs.
To be clear, the fund will provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses thrive.
Going further, Dr. Olusi outlined other BOI financial interventions aimed at supporting women entrepreneurs.
These interventions include the BOI Impact Fund, a $2 million investment in Aruwa Capital, a female−led investment firm, and a 50 million partial risk guarantee partnership with the African Guarantee Fund.
All of these initiatives are part of BOI’s broader commitment to fostering gender equality and economic empowerment.
Worthy of note is that the partnership with WCCIMA is particularly significant, as the chamber represents a vast network of women entrepreneurs across various sectors.
WCCIMA’s Director General, Dr. Weyinmi Eribo, emphasized the need for sector-specific financing tailored to women-led businesses. She pointed out that while women-owned businesses are among the fastest-growing in Nigeria, the financial sector has yet to fully recognize them as a critical market segment.